Home Equity at Third Federal
Third Federal offers two types of home equity products — home equity lines and loans. Both products use the equity you have in your home as collateral, and serve as a second mortgage.
Opening a home equity line of credit (HELOC) or taking out a home equity loan (HELOAN) is a great way to pay for the big things that can improve your family's quality of life, like tuition, home renovations, or starting a business. And because you’re borrowing against the value of your home, your interest rate is usually quite low.
Home Equity Lines of Credit
A home equity line of credit (HELOC) is a revolving line of credit that replenishes as you repay it, with a variable rate that offers the flexibility of ongoing access to available funds for up to 10 years.
Home Equity Loans
A home equity loan (HELOAN) is a great option if you need funds for a one-time expense and do not anticipate the need to borrow again in the future. Third Federal offers both fixed rate and adjustable-rate loans up to 30 years.
